(Aviation-NewsWire.Com, June 10, 2020 ) The Air-to-Air Refueling Market is projected to grow from $537 million in 2019 to $692 million by 2025, at a CAGR of 4.3% during the forecast period. Increasing defense expenditure of countries is a major factor driving the growth of the air-to-air refueling market. The rise in defense spending and continuing technology advancements are expected to lead to the development of various high-tech weapons and tankers in the near future, which is expected to offer lucrative growth opportunities to defense players operating in the aircraft, naval ship, artillery, armored vehicles, weapons, and systems and sub-systems manufacturing processes.
Based on system, the probe & drogue segment is projected to grow at the highest CAGR in air-to-air refueling market during the forecast period
The probe & drogue segment has witnessed strong growth over the past few years. Probe & drogue are the main systems that are used to carry out air-to-air refueling. These systems typically consist of a refueling hose, a hose end coupling, and a drogue. Some of the modern tanker aircraft have equipment specially designed to offload fuel to the receiver aircraft, based on drogue & probe, even at higher speeds.
Based on component, the fuel tanks segment is projected to lead the air-to-air refueling market during the forecast period
The fuel tank system increases the safety of the fuel system in an aircraft. This system is placed in the fuel tank of the aircraft. The fuel tank system stores non-flammable gases, such as nitrogen. The fuel tank operates during flight when bleed air is supplied. This system does not operate when the aircraft is on the ground, except during maintenance operations.
North America is projected to lead the air-to-air refueling market during the forecast period
North America is projected to be the largest market for air-to-air refueling during the forecast period. The military aviation sector in North America is growing steadily. This has consequently created a significant demand for air-to-air refueling from the defense sector. The presence of major players, OEMs, and component manufacturers are some of the factors expected to boost the growth of the air-to-air refueling market in North America.
In addition, the major drivers are increasing military aircraft upgrades, research & development of advanced military aircraft platforms, and the presence of major system and component manufacturers, which is expected to lead to a surge in demand for air-to-air refueling in North America during the forecast period.
Key Market Players
Major vendors in the air-to-air refueling market include Cobham (UK), Eaton Corporation (US), Airbus (Netherlands), Parker Hannifin Corporation (US), Marshall Aerospace and Defence Group (UK), GE Aviation (US), Safran (France) and Draken International (US) among others. Cobham focuses on securing contracts to strengthen its position in the market.
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